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TBC Bank pleased with first quarter performance

1,390.00

09:15 19/12/18

-1.14%

-16.00

TBC Bank reported a marginal rise in net profit for its first quarter on Thursday, with the figure rising to GEL 97.5m from GEL 96.6m year-on-year, while its pre-provision profit improved to GEL 147.8m from GEL 120.6m.

Nonperforming loans stood at 3.1%, down by 0.3 percentage points compared to a year ago, with its nonperforming loan coverage ratios standing at 114.6%, or 225.8% with collateral on 31 March, compared to 104.7% or 209.4% with collateral on 31 December.

Total customer deposits stood at GEL 7.61bn at period end, up 25.4% year-on-year but down 2.6% quarter-on-quarter.

As at 31 March, the bank's Tier 1 and total Capital Adequacy Ratios (CAR) per new NBG methodology stood at 13.8% and 17.7% respectively, while minimum requirements amounted to 10.2% and 15.0%.

“I am pleased with our first quarter 2018 financial results and feel confident our customer-centric approach and digitalisation strategy will enable us to further strengthen our leading position in the Georgian banking sector and deliver strong returns to our shareholders,” commented CEO Vakhtang Butskhrikidze.

“Therefore, I would like to reiterate our medium-term targets: ROE of above 20%, cost to income ratio below 40%, dividend payout ratio of 25-35% and loan book growth at around 15%.”